The House of Representatives on Thursday approved the Medium- Term Expenditure Framework MTEF and Fiscal Strategy Paper FSP for 2020- 2022 in preparation for the receipt of the 2020 budget by the Presidency.
This was consequent upon the submission, consideration and approval of the recommendations of the Joint Committees on Finance and Appropriations at the Committee of Supply chaired by the Speaker.
Chairman of the House Committee on Finance Hon. James Faleke had presented a report entitled: ” that the House do Consider the Report of the Committees on Finance and Appropriations on the 2020/2022 MTEF and FSP and Approve the Recommendations Therein” which he also laid today Oct 3, 2019.
The Committee recommended among other things: (a) the adoption of 2.18 mbpd as daily oil production output in 2020 in view of concerted efforts by NNPC and security agencies to combat oil theft and vandalization. That 2.18 mppd as daily production is realizable
(b) that average Target of Nigeria Customs Service NCS of N944.6 bn for 2020 should be increased to N15 trillion as a result of NCS performance in the last 9 months. The Committee notes that NCS revenue in September 2019 is N1trillion as against N9.42.6 billion for 2020. It commends NCS for exceeding the target despite global challenges and closure of boarders.
(c) That the sum of 91557.4 billion from revenue increment of NCS be used to reduce borrowing by N200 billion and increase capital expenditure thereby decreasing the budget size from 1511.7 trillion to N1.5 trillion and also increase the total capital available to MDAs to N1.367 trillion.
(v) that the exchange rate of N305/$ should be maintained for economic stability. That the Finance Minister and economic advisers should improve growth and Gross Domestic Product GDP and reduce inflation.
Some other important joint committees recommendations adopted by the lawmakers are as follows: (vi) that the total expenditure of the federal government be increased from N10.002 trillion to N10.729.4 trillion.
(vii) that the Debt Management Office DMO put more efforts and strategies in managing local and foreign debts and;
(viii) that the Fiscal Responsibilities Act FRA 2007 and other laws be amended to improve and align revenue generation with current realities.